← All Articles
US Funding5 min readBy Daniel Huber

Opening a US Bank Account: Step-by-Step Guide for EU Entrepreneurs

Key Takeaways from This Article
  • What you need: EIN, ITIN, US address, and your US LLC
  • Best banks: Mercury, Wise, Chase Business, or Bank of America
  • Timeline: 1-3 weeks after ITIN approval
  • Common rejections and how to avoid them

What You'll Need

EIN (already obtained) | ITIN (from your W-7 application) | US address (consistent with your LLC) | Social Security Number or ITIN | Proof of address (bank statement, utility bill) | Government ID (passport)

Best Banks for EU Entrepreneurs

Mercury

Perfect for online businesses. All digital. No minimum balance. Approval in 3-5 days. Best for startups.

Wise (formerly TransferWise)

Low fees. Multi-currency. Great for international transfers. 1-2 weeks to approve.

Chase Business Banking

Traditional bank. Business credit options. More complex approval process. 2-4 weeks. Best for serious businesses.

Bank of America

Large institution. Loan and credit line options. Thorough verification. 3-6 weeks.

The Application Process

1. Prepare all documents | 2. Start digital application | 3. Video verification call (some banks) | 4. Fund initial deposit | 5. Account activation (1-3 business days after funding)

Why Banks Reject Applications

Mismatched addresses: Your address must be identical across LLC, ITIN, EIN, and bank application. Even a typo causes rejection.

Virtual address: Banks verify your address. A virtual office won't work.

No ITIN: Most banks now require ITIN for non-US citizens. EIN alone isn't enough.

Incomplete documentation: Have everything ready. Don't apply missing documents.

What This Means for You

Your bank account is your gateway to US capital. Get it right. Once approved, you can build credit, apply for lines of credit, and access real funding options.

Next Step: Free Strategy Call

Schedule Now →

Sources & Further Reading

This article is based on a review of leading expert literature and curated primary sources from the CANVENA source matrix — more than 60 core books and 120 online resources across all relevant fields from capital intelligence, family office, strategy and valuation.

Books

  • Nomad Capitalist — Andrew Henderson, Nomad Capitalist Press.
  • The Sovereign Individual — James Dale Davidson & William Rees-Mogg, Touchstone.
  • Tax-Free Wealth — Tom Wheelwright, RDA Press.

Online Resources & Industry Reports

Links are recommendations, not affiliated.

Related Services

Daniel Huber